Oracle is stepping further into blockchain technology, launching Oracle Blockchain Applications Cloud, a suite of four blockchain-based SaaS applications. The tech giant aims to accelerate the adoption of blockchain, and improve trust and transparency in business networks.
Blockchain is the technology that is likely to have a significant impact on the world in next few decades. It underlies the Bitcoin and other cryptocurrencies, but it also has its use cases beyond digital payments.
Oracle said that blockchain has the power to transform the way all industries do their business, by making interactions more secure, transparent, efficient and cost-effective.
The new applications include Intelligent Track and Trace, Lot Lineage and Provenance, Intelligent Cold Chain, and Warranty and Usage Tracking.
Intelligent Track and Trace application will automate the record keeping in supply chains and reduce delays by enabling an end-to-end traceability of goods and transactions. It will also help in reducing counterfeits, improving regulatory compliance, resolving disputes, etc.
Lot Lineage and Provenance application will manage the lifecycle of hierarchical serial numbers, record origin and authenticity of product components, and track all transformations of the product.
Whereas, the Intelligent Cold Chain application is targeted for food and beverage industries for ensuring quality and safety of refrigerated products. It will help in monitoring and tracking the temperature-controlled supply chain.
Lastly, the Warranty and Usage Tracking application will eliminate the need for paper-based processes and automate usage tracking for high-value assets.
“Many technology companies are offering a blockchain platform for customers to build on, but we wanted to go one step further. We use our domain expertise to create business, user-friendly, domain-specific solutions so customers can get immediate value from blockchain technologies by transforming existing business processes,” said Rick Jewell, Senior Vice President, Supply Chain & Manufacturing Cloud Applications, Oracle.
“Oracle Blockchain Applications make it easy for customers to create a trusted network of partners to improve the agility, accuracy, and visibility of their supply chain. These blockchain applications work seamlessly with existing Oracle Cloud Applications and are out-of-the-box ready with pre-built integrations and business network templates for common business processes.”
Oracle has connected all these applications with Oracle Supply Chain Management (SCM) Cloud, Oracle Enterprise Resource Management (ERP) Cloud, as well as with other Oracle Cloud Applications.
Moreover, the company said that its new applications leverage internet of things (IoT) connectivity and use embedded artificial intelligence (AI) capabilities for real-time data. The use of these technologies will enhance the accuracy of data flowing in the business network.
Oracle Blockchain Applications are initially focused on improving traceability and transparency in lifecycle of supply chains. The company will roll out more applications to the new cloud for further use cases.